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- Market segmentation is the process of dividing a targeted audience into subgroups based on commonalities12. The significance of market segmentation is that it3425:
- Helps marketers to be more efficient in terms of time, money and other resources.
- Allows companies to learn about their customers and gain a better understanding of customer’s needs and wants.
- Helps understand what influences customers’ purchase decisions – economy, culture, personal, or social factors.
- Gives deeper insight into what customers want and need.
- Helps understand who is likely to buy certain products.
- Enables marketers to give better attention to the selection of customers and offer an appropriate marketing mix for each chosen segment or a group of buyers having homogenous demand.
- Allows each subdivision or segment to be selected as a market target to be reached with a distinct marketing mix.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Market segmentation is the process of dividing a targeted audience into subgroups based on commonalities, ranging from age, gender or location to priorities, values and behavior. This is a critical part of building a marketing plan, as it allows you to effectively determine consumers’ purchasing habits.www.wix.com/blog/market-segmentationMarket segmentation is the foundation of successful marketing. It allows you to break down your broad target audience into smaller, manageable segments. Each of these segments shares common traits, making it easier to tailor your marketing efforts to their specific needs.www.appinio.com/en/blog/market-research/market …Segmentation helps marketers to be more efficient in terms of time, money and other resources. Market segmentation allows companies to learn about their customers. They gain a better understanding of customer’s needs and wants and therefore can tailor campaigns to customer segments most likely to purchase products.www.imsmarketing.ie/business-strategy/the-import…What is market segmentation?
- It helps understand what influences customers’ purchase decisions – economy, culture, personal, or social factors.
- It gives you deeper insight into what they want and need.
www.voxco.com/blog/why-is-market-segmentation …Market segmentation enables the marketers to give better attention to the selection of customers and offer an appropriate marketing mix for each chosen segment or a group of buyers having homogenous demand. Each subdivision or segment can be selected as a market target to be reached with a distinct marketing mix.www.economicsdiscussion.net/marketing-manage… - People also ask
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